Proactive releases, speeches and announcements

The Treasury has had an ongoing programme of released documents, such as Cabinet papers, advice and public submissions, relating to the Review of the Reserve Bank of New Zealand Act. This is to be transparent as well as to help inform public debate on the Review as it occurred. The documents are largely organised around the phases of the Review as it was undertaken, Phase 1 being the amendment to monetary policy, and Phase 2 being the financial stability, regulation and supervision work and the institutional and accountability reforms.

Proactive releases

The Treasury has released documents relating to the Review of the Reserve Bank of New Zealand Act to be transparent and to help inform public debate on the Review.

• Phase 1 Reviewing the Reserve Bank of New Zealand (RBNZ) Act - Proactive Release
  Phase 1 of the review focused on New Zealand’s monetary policy framework and concluded with the Reserve Bank of New Zealand (Monetary Policy) Amendment Act coming into force on 1 April 2019.
• Scoping of Phase 2 of the Reserve Bank Act Review - Proactive Release
  Phase 2 of the review is currently underway and focuses on the financial policy responsibilities of the Reserve Bank and institutional arrangements. Officials and the Independent Expert Advisory Panel advised the Minister of Finance on the scope of Phase 2.
• Phase 2 of the Reserve Bank Act Review - Proactive Release
  • Consultation 1 of Phase 2 of the Reserve Bank Act Review - Proactive Release
    The consultation focused on five key issues: Objectives, Regulatory Perimeter, Depositor Protection, Separation, and Governance of the Reserve Bank.
  • Consultation 2 of Phase 2 of the Reserve Bank Act Review - Proactive Release
    The consultation was divided into two parts:
    • Part A confirmed key in-principle decisions on the following areas: Objectives, Regulatory Perimeter, Depositor Protection, Separation, and Governance of the Reserve Bank.
    • Part B consulted on: Prudential tools and powers, Macro-prudential policy, Supervision and enforcement, Balance sheet functions, Crisis management, Coordination and Funding.
  • Reserve Bank Act Review Phase 2 Review Update - Proactive Release
    Cabinet decisions relating to the Reserve Bank's institutional arrangements, and in-principle decisions on the regulation of deposit takers and the introduction of a deposit insurance scheme. The update notes Cabinet’s decision to progress review decisions through two separate pieces of legislation – an “Institutional Act” and a “Deposit Takers Bill”.
  • Reserve Bank Act Review Phase 2 - July 2020 Proactive Release
    Cabinet decisions relating to the Reserve Bank's institutional arrangements and the updated Regulatory Impact Statement. 
  • Consultation 3 of Phase 2 of the Reserve Bank Act Review - Proactive Release
    This consultation was on the regulation of deposit takers and the introduction of a deposit insurance scheme. As everyone benefits from a stable financial system, this will ensure that the framework within which the banking sector is regulated and supervised enables the Reserve Bank to perform its role effectively.

• Proactive release of the April 2021 Deposit Takers Act Cabinet Papers and related documents
  Cabinet decisions relating to the new prudential framework for deposit takers, deposit insurance and crisis management for the Reserve Bank of New Zealand, and the Regulatory Impact Statement. 

• This proactive release covers documents that primarily relate to the third consultation document, the introduction of the Reserve Bank of New Zealand Bill, and Cabinet decisions made on 16 April 2021 on the Deposit Takers Bill.

Announcements and media statements

Announcement of the Review Update for Phase 2

• Keeping banks safe and holding executives accountable
  Media statement – 18 December 2019

Announcement of the second round of consultation for Phase 2

• Safer banks and strengthened bank accountability
  Media statement – 24 June 2019

Announcement of the first round of consultation for Phase 2

• First consultation paper released for Phase 2 of the Reserve Bank Act Review
  Media statement - 1 Nov 2018

• Questions and answers: Phase 2 of the Review of the Reserve Bank Act - first round of consultation
  1 Nov 2018

• Consultation details announced for Phase 2 of the Reserve Bank Act Review
  Media statement - 10 Sep 2018

Announcement of Phase 2 Terms of Reference

• Reserve Bank Act Review – Terms of Reference for Phase 2 released
  Media statement by Minister of Finance - 7 Jun 2018

All media enquiries should be directed to [email protected]